TSX:AX.PR.E - Post by User
Comment by
InvestSmarteron Dec 22, 2023 4:09pm
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Post# 35798417
RE:Artis REIT sells eight properties to stem steep losses
RE:Artis REIT sells eight properties to stem steep lossesWho writes this junk. Do they just use AI to spew out inaccurate junk and hope no one notices?
However, potential investors should note that future returns are heavily contingent on how the company manages the more than C$11 billion of mortgage and loan interest expenses on its balance sheet as of Sept. 30, which is up by more than C$3 billion year-over-year. The loans carry a weighted-average effective interest rate of 6.63 per cent, up from 4.84 per cent on Dec. 31, 2022, and will likely call for further company restructuring until inflation reverts to historical averages.
The C$11 billion figure is in addition to C$18 billion in interest expenses due for Artis’ senior unsecured debentures, credit facilities and preferred shares, which are largely responsible for its more than C$450 million in net losses over the past five quarters.